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Rivian
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Latest analysis
Updated Oct 29, 2026
Rivian posts record Q3 2026 deliveries with R2 as top-selling model; autonomous Point-to-Point feature on deck for limited 2026 launch.
R2 surpassed both R1 and EDV in Q3 2026 deliveries — its first full quarter — making it Rivian's highest-volume vehicle immediately upon launch, a sign of validated demand at the $45,000–$57,000 price point. Consolidated revenue reached $2.155 billion, a 38% year-over-year increase, driven by a 46% rise in deliveries and $81 million in regulatory credits, while automotive gross margin remains negative but improving, with management guiding to a positive automotive gross profit exit rate by year-end. The strategic pivot toward autonomy is accelerating: Autonomy+ take rates exceed internal targets, Point-to-Point supervised driving enters a limited Early Access rollout in late 2026 with a broad 2027 release, and the acquisition of Third Dimension AI bolsters closed-loop simulation capability in support of a Level 4 robotaxi target for 2028.
Tone: bullishRevenue
$5.4B
RIVN 10-K · FY 2025
Employees
15,232
Revenue FY2024
$5B
Founded
2015
Profile
RIVN 10-K Item 1 · Feb 12, 2026Rivian is an American electric vehicle manufacturer that designs, develops, and sells consumer and commercial EVs, including the R1T pickup, R1S SUV, and Electric Delivery Van, from its Normal, Illinois factory. The company pairs its vehicles with a vertically integrated software and services platform — including autonomy features, fleet management, and charging infrastructure — and operates a joint venture with Volkswagen Group to commercialize its zonal electrical architecture broadly. Rivian segments its business into Automotive and Software and Services.
Read filing description ↓ Collapse description ↑
Rivian is an American automotive technology company that develops and manufactures category-defining electric vehicles as well as vertically integrated technologies and services. Through innovation across its electrical architecture, end-to-end software, autonomous driving platform, artificial intelligence, and propulsion, the Company creates vehicles that excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are manufactured in the United States and are sold directly to consumer and commercial customers. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal — preserving the natural world for generations to come. We believe our competitive advantage stems from our product and brand differentiation through vertically integrated technologies as well as our direct-to-customer sales and service model. Product performance benefits from the ability to fully control and continually enhance virtually every aspect of our vehicle's software, digital experience, and driving dynamics. Our in-house autonomy system has been designed with an AI-centric end-to-end approach and leverages the large amount of miles driven by Rivian vehicles for training, enabling the Company to continuously improve the system. Our zonal network architecture and software stack serves as the basis for Rivian and Volkswagen Group Technologies, LLC (the 'Joint Venture'). The Joint Venture is working to develop industry-leading software-enabled features and capabilities to address global markets and segments across a variety of vehicle platforms. Interconnected by our AI platform, Rivian unified intelligence underpins our products and suite of software and services including Autonomy+, designed to deliver fast-paced innovation cycles, structural cost advantages, and exceptional customer experiences. The Company analyzes the results of the business through two reportable segments, Automotive and Software and Services.
Primary products
- R1T
- R1S
- Electric Delivery Van (EDV)
- Rivian Commercial Van
- R2
- R3
Business segments
End markets
Geographies
Named customers
Named competitors
“Across the automotive value chain, we believe we will be in a position to compete effectively because of our product and brand differentiation, our vertically-integrated technology, and our focus on the customer experience, including our direct-to-customer relationships.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $4,970 million in 2024 to $5,387 million in 2025, driven primarily by substantial growth in the Software and Services segment, which more than tripled year over year, partially offset by a decline in Automotive segment revenue.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.